US President Donald Trump's visit to Saudi Arabia is turning out to be an extremely lucrative one for American corporations due to the slew of deals that are being signed with the Saudi government over the course of his visit. In a new development, Boeing has signed a deal that will see the company dealing in both defense and commercial equipment with Saudi Arabia.

Big deal for Boeing

The visit of US President Donald Trump has sparked a deal-making spree with Saudi Arabia that has seen American corporations signing deals worth billions with the gulf state, and the latest entrant to the party is Boeing. The diversified company, which makes jets, satellites and radars among other products, has signed a deal with Saudi Arabia that would see them supplying both defense aircraft as well as commercial jets to the Arab state.

Boeing will also supply Saudi Arabia [VIDEO] with surveillance jets, helicopters and technical expertise that could value the deal upwards of several billions. Although it is true that the statement released by the company did not reveal the actual value of the deal, industry experts believe that the deal is definitely a multi-billion one and will be a huge boost for Boeing. In addition to that, the deal will also lead to the creation of plenty of jobs in the United States and also in Saudi Arabia, which is without doubt an excellent outcome for both parties involved.

A win-win for all

For a long time, Saudi Arabia has been looked upon as an oil-rich country with little else to boost its economy. With the global plummeting of oil prices over the course of the last few years, it is indeed prudent on the part of the Gulf state to look at other ways to grow the economy.

As a consequence, it is no surprise that the recent US Presidential visit has resulted in such a high number of deals worth billions of dollars.

Saudi Arabia is also at loggerheads with Yemen, and it has been reported in the past that the Gulf state wishes to be the leader in an alliance of countries that might go into war. In such a scenario, the commercial and defense deals with Boeing make perfect sense.

For President Donald Trump, who had spoken plenty of times about his skills in deal-making, this trip must count as a feather in his cap. Dennis Muilenburg, the CEO of Boeing, spoke on the deal and stated that it reaffirms his belief in the potential of both the economies in Saudi Arabia and also that of the United States.